The National Association of Realtors’ most recent Existing Home Sales Report revealed that, compared to last year, home sales are up dramatically in five of the six price ranges they measure.Homes priced between $100-250K showed a 20.7% increase year-over-year. This is an impressive increase, showing that November was an excellent month for home sales in this price range.But surprisingly, the 20.7% increase in sales in this range was not the highest percent change achieved, as sales … [Read more...]
Year-Over-Year Sales Increases Reach Double Digits in 5 Price Categories
The National Association of Realtors’ most recent Existing Home Sales Report revealed that, compared to last year, home sales are up dramatically in five of the six price ranges they measure.Homes priced between $100-250K showed a 20.7% increase year-over-year. This is an impressive increase, showing that November was an excellent month for home sales in this price range.But surprisingly, the 20.7% increase in sales in this range was not the highest percent change achieved, as sales … [Read more...]
5 Reasons to Resolve to Hire a Real Estate Professional [INFOGRAPHIC]
Some Highlights:As we usher in the new year, one thing is for certain… if you plan to buy or sell a house this year, you need a real estate professional on your team!There are many benefits to using a local professional!Pick a pro who knows your local market and can help you navigate the housing market! … [Read more...]
You Need an Agent Who Will Put You First
When it comes to buying a home, whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move into, as well as the trends of that area, should be your goal.One great example of an agent who is in your corner and is always looking out for your best interests is one of the main characters on ABC’s Modern Family, Phil Dunphy.For those who aren’t familiar, the character Phil is a Realtor … [Read more...]
Homeowner’s Net Worth Is 45x Greater Than A Renter’s
Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that by the end of 2016, the net worth gap will widen even further to 45 times greater.The graph below … [Read more...]
Existing Home Sales Surge Through The Holidays [INFOGRAPHIC]
Some Highlights:November’s Existing Home Sales report revealed that sales are now at an annual pace of 5.61 million which is “now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million).”Total housing inventory (or the inventory of homes for sale) fell 8.0% from last month and is now 9.3% lower than November 2015.Inventory has dropped year-over-year for the last 18 months.The median price for all home sales in November was $234,900, up 6.8% from last year … [Read more...]
The Fed Raised Rates: What Does that Mean for Housing?
You may have heard that the Federal Reserve raised rates last week… But what does that mean if you are looking to buy a home in the near future? Many in the housing industry have predicted that the Federal Open Market Committee (FOMC), the policy-making arm of the Federal Reserve, would vote to raise the federal fund's target rate at their December meeting. For only the second time in a decade, this is exactly what happened. There were many factors that contributed to the 0.25 point increase (from 0.50 to … [Read more...]
Student Loans = Higher Credit Scores
According to a recent analysis by CoreLogic, Millennial renters (aged 20-34) who have student loan debt also have higher credit scores than those who do not have student loans.This may come as a surprise, as there is so much talk about student loans burdening Millennials and holding them back from many milestones that previous generations have been able to achieve (i.e. homeownership, investing for retirement).CoreLogic used the information provided on rental applications and the applicants’ credit history … [Read more...]
Whether You Rent or Buy: Either Way You’re Paying a Mortgage
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.Are you ready … [Read more...]
The Impact Your Interest Rate Has on Your Buying Power [INFOGRAPHIC]
Some Highlights:Your monthly housing cost is directly tied to the price of the home you purchase and the interest rate you secure for your mortgage.Over the last 30 years, interest rates have fluctuated greatly with rates in the double digits in the 1980s, all the way down to the near 4% we are experiencing now.Your purchasing power is greatly impacted by the interest rate you secure. Act now before rates go up! … [Read more...]
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